Blue Gold Limited has raised $80mn to expand its mining portfolio and launch a blockchain-enabled gold-backed stablecoin, the company said in a press release dated September 4.

Founded in 2023, Nasdaq-listed Blue Gold Limited is a technology company specialising in acquiring, developing, and operating gold mining assets in sub-Saharan Africa, particularly in Ghana’s prolific Ashanti Gold Belt.

The Bogoso Prestea Mine—a historic mine with existing infrastructure—serves as its core project. It has about 5.1 million ounces (Moz) of measured and indicated resources, according to an earlier filing by Golden Star Resources.

The capital injection is intended to support mineral acquisitions, bolster working capital and advance a digital finance initiative centred on a blockchain-based stablecoin backed by physical gold.

Blue Gold said it closed on a $5mn senior convertible notes private placement with an accredited investor and signed a $75mn equity line of credit agreement with an institutional investor. 

Both transactions remain subject to regulatory approvals and market conditions. The financing package, subject to regulatory and market conditions, is designed to strengthen the company’s balance sheet, provide working capital, and support long-term growth.

Under the notes agreement, Blue Gold issued securities at an 8% original issue discount, carrying a 7% per annum interest rate and maturing in September 2026. The deal provides for an initial $3.5mn tranche, with a potential follow-on tranche of $1.5mn contingent on meeting closing conditions. The notes are convertible into ordinary shares at $13.51 per share. In addition, the package includes warrants for up to 215,299 ordinary shares exercisable at $16.88 each.

The $75mn equity line of credit will allow the company, at its discretion, to issue new shares over time, subject to the effectiveness of a registration statement and compliance with market rules. Management said the arrangement is designed to provide flexible access to growth capital and to strengthen the balance sheet as Blue Gold pursues expansion.

Proceeds will be directed into acquiring gold, uranium and other critical mineral assets in what the company described as “strategic jurisdictions.” At the same time, funds will be allocated to the “Digital Gold Initiative,” which Blue Gold said will introduce a blockchain-enabled stablecoin backed by gold held by the company. Executives presented the initiative as a bridge between traditional mining and digital finance, aimed at giving investors new ways to access and trade gold.

“This funding is a major milestone for Blue Gold,” CEO Andrew Cavaghan said in the statement. “It gives us scalable capital to execute on our strategy of combining mining with digital assets.” He added that the company intends to apply modern financial technologies alongside responsible mining practices, emphasising sustainability and transparency.

Blue Gold has positioned itself as both a resource developer and a financial technology innovator, targeting high-value concessions while seeking to align with growing investor interest in tokenised commodities. The company said it intends to leverage its mining portfolio to underpin digital products, while ensuring compliance with emerging regulations on digital assets.

Blue Gold said its immediate focus will be to finalise asset acquisitions and build out its stablecoin framework over the coming year. The company pledged to provide further updates as milestones are reached, and reiterated its commitment to responsible operations and sustainable growth.